With the release of the Alchemy Payment Consensus White Paper, the Alchemy Payment Technology Yellow Paper, and the Alchemy Future Plan, the global cryptocurrency service provider ACH (Alchemy) has won great support from the tycoons in the traditional payment industry.
According to public information, Kai Yee Goh, former president of PayPal Asia Pacific Strategic Alliance, and Alan Tien, former general manager of PayPal China, have joined ACH (Alchemy), a global cryptocurrency service provider, as a member of its advisory board.
Former NETS (a famous payment technology company in Singapore) senior vice president, Morpho Singapore’s chief engineer KT SO, former AFPayments (a famous payment technology company in the Philippines) CTO Ryan TIPONES have even directly joined ACH’s (Alchemy) technology R&D team, thus become its core staff. They respectively served as technical directors in two business units with different business directions.
Why are traditional payment industry elites so optimistic about the cryptocurrency payment market?
There might exist the following reasons:
• Traditional payment industry has nearly come to its bottle neck and is expecting the blockchain technology to assist with its upgrade.
Although the product technology of modern payment is already mature, but the opaque rules, information asymmetry, cumbersome error handling and unreasonable charges caused by the monopoly of the centralized organization still pose as the biggest obstacles to the development of the industry.
• The cryptocurrency market has a great potentiality
The cryptocurrency market has so far achieved a compound annual growth rate of 31%. It is estimated that the total market value of global cryptocurrency will reach US$1806 billion in 2021, far exceeding the expected size of US$500 billion in 2018. Based on such a large scale, it will trigger practical application and transactional needs for both the coin holders and the merchants.
• The application scenario requirements and technologies have become ripe
There has been a strong demand for cross-border, cross-chain and cross-industry payment. The relevant solution has been one of the ultimate goals pursued by the payment industry for many years. It’s the maturity of block chain technology and cryptocurrency market that makes this goal possible. The increasing maturity of smartphones, encrypted wallets and lightning networks has also created an environment for the commercial and civilian use of cryptocurrency payments.
Then what will be the biggest challenge lying ahead for ACH（Alchemy）?
Perhaps, it might be the market education:
At present, people hold digital currency mostly for speculation, not much for circulation, thus made it difficult for transactions; people still do not quite understand the attributes of cryptocurrency, and are not aware of the huge potential and the essence of cryptocurrency. The marketplace for cryptocurrency is far from mature, and the market education needs to be in place, however it’ll consume a lot of resources and time.
Although ACH (Alchemy)’s strategic partner QFpay has received investment and support from the giants in business operating countries (such as United Brands in Dubai, Indonesian telecommunications investment department MDI Ventures, Japan’s Rakuten, etc.), with support from international capital institutions like VentureSouq and Sequoia Capital, etc., ACH (Alchemy) is also trying to decrypt and open up QFpay’s network of over 1.2 million merchants around the world. ACH (Alchemy) has already achieved rapid business development in Japan, Hong Kong, United Arab Emirates and Singapore. However, it is still a big challenge to fully roll out both campaigns of cryptocurrency and fiat currency in a short term.
In this regard, ACH (Alchemy) has currently offered the following solution:
Through the issuance of Token, it aims to design a system to encourage the transaction participants (users and merchants) to utilize cryptocurrency for transactions.
The method and logic are actually clear and simple:
Transaction participants (users and merchants), if they have used digital currency payment, they will be rewarded with a certain amount of ACH (Alchemy) tokens. That not only saves the payment fee, but also leaves an appreciation space for the tokens they receive along with a deflation. However, the payment made in fiat currency will yield a payment fee in full amount.
Although the right to pay either in cryptocurrency or in fiat currency is in the hands of the user, however, since the transaction in participants (users and merchants) will be rewarded a certain amount of Tokens, the merchant will actively recommend the use of cryptocurrency payment to the users. On one hand, the users can save money, on the other hand, merchants can have additional income, and will have the incentive to promote cryptocurrency payment to users.
Another major application scenario of ACH (Alchemy) is to use ACH (Alchemy) as the opening deposit when the merchant opens an account. Similar to the practice of Taobao or eBay, merchants need to put in a certain amount as deposit. The larger the node (transaction participant) is, the more the deposit will be; the earlier the opening, the less the deposit, the more you can enjoy the benefit; the more the merchants, the bigger the token deflation, the more the value added; the deposit will function as a transaction guarantee. In the event of a dispute during a transaction, it will be arbitrated by a third party. If it is determined that the merchant violates the rules, the platform will make a deduction first and pay the consumer.
With this simple and clear business model, along with the deep cooperation and accumulated relationship with local governments, banks, and giant consumers, the potential is indeed not to be underestimated. From the perspective of product logic and business progress, it will certainly become the next Paypal in the cryptocurrency world.
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Company Name: ACH
Contact Person: Shawn
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Country: Singapore
Website: www.Achpay.org
